TAIWAN: Taiwan’s legislators have approved a proposal...

TAIWAN: Taiwan’s legislators have approved a proposal to sell off 20 state-owned companies, including some of the island’s biggest industrial enterprises. The firms include China Steel Corp., the largest steel producer; China Shipbuilding Corp., the biggest ship builder; Yangming Marine Transport Corp., a major shipping line, and three commercial banks. “The passage (of the proposal) provides a legal framework for the government to privatize the firms and paves the way for an acceleration of the privatization program,” a senior official of the Commission of National Corporations said last week. Officials said the government will keep stakes as high as 49% in some companies but will reduce holdings to as low as 10% or 20% in others. The proposal was passed Tuesday after about 18 months of consideration. Some legislators were concerned about the possibility of major layoffs after the firms were sold.